Germany's November composite PMI just dropped to 52.1, missing the 53.5 forecast pretty hard. That's a bigger miss than traders were expecting.

For context, anything above 50 still signals expansion, but the momentum is clearly cooling off. Europe's largest economy showing weaker-than-expected business activity could ripple through risk assets. When traditional markets get shaky, crypto often feels it too – especially with institutional money watching these macro indicators closely.

Worth keeping an eye on how this plays into the broader economic picture. Fed decisions, ECB policy, and now weaker European data – all feeding into the same puzzle of where global liquidity is heading next.